adani stocks price: Adani stocks defy technical weakness to stage smart rebound of up to 6% – Blue Barrows

NEW DELHI: A day after Adani Group stocks slipped up to 10% with four of them hitting lower circuit, all nine counters belonging to billionaire Gautam Adani’s stable bounced back smartly today amid a rebound in the market.
was the top gainer in the pack with a rally of over 6%. , , and were up around 4-5% each. On the other hand, , , Ambuja Cement and gained around 2-3% each during the day.

Yesterday, amid a weak market in which Nifty lost over 200 points, Adani stocks were under selling pressure. The ports-to-power conglomerate’s flagship Adani Enterprises, which is the latest entrant to Nifty, had crashed 10%. Three other group stocks were caught in the lower circuit in the volatile market.

Today’s rally in Adani stocks appears to be defying bearish signals from technical indicator TD Sequential. Bloomberg said the DeMark indicator that forecast drops in Adani Enterprises three times since 2009, suggests that last week’s near 6% slump in the shares of the company may extend, with the stock continuing to pare its more than 100% gains for the year. It also hints at losses in the offing for the shares of Adani Total Gas, the report said.

Business magnate Gautam Adani’s fortune has also tumbled along with the fall in the conglomerate’s shares. Bloomberg Billionaires Index shows that the Gujarati first generation entrepreneur lost $9.6 billion and slipped to the No.4 slot from No.2 last month in the ranking of world’s richest men. His net worth is now estimated at around $120 billion.